Video game publisher Electronic Arts said Monday that John Riccitiello will step down as chief executive, as it warned that fourth-quarter earnings could fall short of expectations. The board appointed Larry Probst, the chairman of the board and its former chief executive, to serve as executive chairman while the company conducts a search for a new chief executive. Riccitiello was named to the post in 2007, and led the company as the industry has undergone dramatic changes. His resignation is effective March 30. Probst had served as the company's chief executive from 1991 through 2007, and was elevated to chairman of the board in 1994.

Shares of video game publisher Electronic Arts slumped Tuesday, following Monday's surprise resignation of the company's chief executive officer, John Riccitiello. Stock was trading at $17.10 a half-hour before the market's close, down nearly 8.6% from the previous day's close, after news that Riccitiello would step down as of March 30. Riccitiello was not well-liked by investors, who perceived him as being unable "to contain costs and consistently deliver against expectations," wrote Macquire Capital analyst Ben Schachter.

Shares of video game publisher Electronic Arts slumped Tuesday, following Monday's surprise resignation of the company's chief executive officer, John Riccitiello. Stock was trading at $17.10 a half-hour before the market's close, down nearly 8.6% from the previous day's close, after news that Riccitiello would step down as of March 30. Riccitiello was not well-liked by investors, who perceived him as being unable "to contain costs and consistently deliver against expectations," wrote Macquire Capital analyst Ben Schachter.

Video game publisher Electronic Arts said Monday that John Riccitiello will step down as chief executive, as it warned that fourth-quarter earnings could fall short of expectations. The board appointed Larry Probst, the chairman of the board and its former chief executive, to serve as executive chairman while the company conducts a search for a new chief executive. Riccitiello was named to the post in 2007, and led the company as the industry has undergone dramatic changes. His resignation is effective March 30. Probst had served as the company's chief executive from 1991 through 2007, and was elevated to chairman of the board in 1994.

Electronic Arts ended a three-year string of losses by posting higher sales and a return to profitability in its fourth quarter, fueled by sales of Battlefield: Bad Company 2, Mass Effect and Dante's Inferno. Sales shot up 14% to $979 million in the quarter ended March 31, shifting the game publisher to a $30 million profit compared with a $42-million loss a year earlier. It earned 9 cents a share, up form a per share loss of 13 cents last year. Other game companies recently also have reported an uplift in their financial health after being hammered in 2009 as consumers sealed their wallets.

The video game disc may be getting the long goodbye. Electronic Arts Inc. chief executive John Riccitiello on Wednesday said the game publisher is shifting to focus more on digitally distributed games and de-emphasizing its investments in shrink-wrapped games sold at retail stores. "Today, we're announcing a big shift," Riccitiello said during the Redwood City, Calif., company's fourth quarter earnings call with analysts. "Over the coming years, we're transforming EA from a packaged goods company to a fully integrated digital entertainment company.

Video game sales plunged again in June, dropping 10% from a year ago, as consumers greeted some new releases with a yawn and as sales continue to erode for Nintendo Co.'s once-popular Wii console. Sales of games and the consoles required to play them were $1.03 billion last month, compared with $1.15 billion in June 2010, according to the NPD Group, a market research firm. The decline followed a 14% slide in May to a four-year low for the video game industry. The lower numbers do not necessarily spell doom for the entire sector.

With fewer titles released this year, Electronic Arts Inc. on Tuesday posted a 20% revenue drop in its second quarter compared with a year earlier. At the same time, the Redwood City, Calif., video game publisher sliced its net loss in half thanks to aggressive cost cutting and a shift to fewer, more profitable franchises. The developer of Madden football and FIFA soccer titles posted $631 million in revenue for the quarter ended Sept. 30, down from $788 million a year earlier.

Electronic Arts Inc. has agreed to purchase PopCap Games Inc., the maker of Bejeweled and other popular games for mobile phones and social networks, in a deal valued at as much as $1.3 billion. The game industry giant said Tuesday that it would pay $650 million in cash plus $100 million in stock for PopCap. In addition, EA agreed to pay as much as $550 million should PopCap meet certain profitability milestones over the next three years. Although long a dominant force in console gaming, EA has made a series of acquisitions to bolster the company's presence in the growing market for games played on social networks and mobile phones.

Electronic Arts Inc., the maker of "Madden NFL" and "Nascar" video games, will create titles based on Hasbro Inc.'s Monopoly, Scrabble and Yahtzee board games to attract family-oriented consumers. Electronic Arts also bought exclusive rights to Hasbro brands including "Nerf" and "Tonka" for as many as 10 years, the company said. Financial terms were not disclosed. The Hasbro titles will be created by Electronic Arts' casual entertainment unit and go on sale next year.

Video game sales plunged again in June, dropping 10% from a year ago, as consumers greeted some new releases with a yawn and as sales continue to erode for Nintendo Co.'s once-popular Wii console. Sales of games and the consoles required to play them were $1.03 billion last month, compared with $1.15 billion in June 2010, according to the NPD Group, a market research firm. The decline followed a 14% slide in May to a four-year low for the video game industry. The lower numbers do not necessarily spell doom for the entire sector.

Electronic Arts Inc. has agreed to purchase PopCap Games Inc., the maker of Bejeweled and other popular games for mobile phones and social networks, in a deal valued at as much as $1.3 billion. The game industry giant said Tuesday that it would pay $650 million in cash plus $100 million in stock for PopCap. In addition, EA agreed to pay as much as $550 million should PopCap meet certain profitability milestones over the next three years. Although long a dominant force in console gaming, EA has made a series of acquisitions to bolster the company's presence in the growing market for games played on social networks and mobile phones.

The video game disc may be getting the long goodbye. Electronic Arts Inc. chief executive John Riccitiello on Wednesday said the game publisher is shifting to focus more on digitally distributed games and de-emphasizing its investments in shrink-wrapped games sold at retail stores. "Today, we're announcing a big shift," Riccitiello said during the Redwood City, Calif., company's fourth quarter earnings call with analysts. "Over the coming years, we're transforming EA from a packaged goods company to a fully integrated digital entertainment company.

With fewer titles released this year, Electronic Arts Inc. on Tuesday posted a 20% revenue drop in its second quarter compared with a year earlier. At the same time, the Redwood City, Calif., video game publisher sliced its net loss in half thanks to aggressive cost cutting and a shift to fewer, more profitable franchises. The developer of Madden football and FIFA soccer titles posted $631 million in revenue for the quarter ended Sept. 30, down from $788 million a year earlier.

Electronic Arts ended a three-year string of losses by posting higher sales and a return to profitability in its fourth quarter, fueled by sales of Battlefield: Bad Company 2, Mass Effect and Dante's Inferno. Sales shot up 14% to $979 million in the quarter ended March 31, shifting the game publisher to a $30 million profit compared with a $42-million loss a year earlier. It earned 9 cents a share, up form a per share loss of 13 cents last year. Other game companies recently also have reported an uplift in their financial health after being hammered in 2009 as consumers sealed their wallets.

Electronic Arts Inc. on Monday named former President John Riccitiello to succeed Chief Executive Larry Probst. EA said Riccitiello would take over April 2. The world's largest video game publisher, EA is known for such series as the "Madden" football franchise and "The Sims." Probst -- widely criticized for allowing EA to rely largely on sequels to hits instead of encouraging innovative new games -- has been seeking to step down for some time.

Haagen-Dazs Co. plans to builds its first European manufacturing plant in France, the company announced. The $60-million facility will be built in Arras, in Pas de Calais, France, and is scheduled for completion in November, 1992. Arras is easily accessible to major European markets, Senior Vice President John Riccitiello said. The plant will increase the company's growth in Europe by bringing new flexibility to production and distribution, he said.